Gold and silver prices fell sharply last week, with gold at ₹1,42,024 and silver at ₹1,95,719. On October 24, 2026, reports showed gold futures slipped below support levels, while silver hit a ten-month low. Experts said the market faces downward pressure, though gold might see a recovery to ₹1,45,000 soon.
Precious metals faced considerable downward pressure last week. Gold ($3,995.80/ounce) and silver ($53.90/ounce) were down 4.1 per cent and 5.4 per cent respectively. While the former has a crucial support ahead at $3,900, the latter has made a lower low, appearing weaker.
In the domestic market, gold (₹1,42,024/10 gram) lost 4 per cent whereas silver (₹1,95,719/kg) slipped 7.3 per cent. Below is an analysis.
MCX-Gold (₹1,42,024)
Gold (Dec) futures declined through the last week and slipped below a support at ₹1,43,500. The price action shows considerable downward momentum, keeping the probability high for further fall.
That said, there are notable support levels ahead at ₹1,41,000 and ₹1,40,000. The latter is an important base.
A breach of ₹1,40,000 can intensify the sell-off and lead to a deeper downtrend. Gold futures can fall to ₹1,36,500. Notable support below ₹1,36,500 is at ₹1,35,000.
On the other hand, if there is a recovery from the current level of ₹1,42,024, the contract can face resistance at ₹1,45,000 and ₹1,48,500. For the trend to turn positive, the price should surpass ₹1,50,000.
Overall, we expect gold futures to extend the decline to ₹1,41,000-1,40,000 region and then see a recovery to ₹1,45,000 in the near-term.
MCX-Silver (₹1,95,719)
Silver (Dec) futures, after largely remaining flat during the first half of last week, saw substantial fall in the second half. It breached the psychological ₹2,00,000-mark and made a ten-month low of ₹1,92,149 on Friday before ending the session at ₹1,95,719.
The contract is likely to decline further. While the nearest support is at ₹1,90,000, we expect the price to drop below this and touch ₹1,80,000 in the near-term.
Post this, aided by a potential recovery in gold, silver futures can rise back to ₹2,00,000 or even to ₹2,08,000.
For silver futures to turn the outlook bullish, it ought to decisively break out of the barrier at ₹2,20,000.